Jointly Estimating the Prices of Environmental Goods: St. Louis as a Case Study
Estimating the benefits of environmental regulations can be very difficult. Since environmental goods are generally not traded in markets, prices and quantities are not directly observed. However, researchers can used revealed preference techniques to uncover the prices individuals implicitly pay for such goods. This paper addresses two interesting questions. It studies the impact of including (or excluding) mulplitle environmental indicators in house value hedonic regressions. It also considers the possibility that environmental indicators are highly correlated with each other (an environmental justice issue) and the effect of that correlation on the estimated coefficients.
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|Date of creation:||Jan 2000|
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